Johnston Press: rescue plan for Scotsman newspaper group. The company will continue to publish more than 200 titles but the deal has been criticised by its largest shareholder and the NUJ. Scores of local newspapers as well as titles including the i, the Yorkshire Post and the Scotsman, will continue to publish after its troubled owner agreed a deal to secure its future – only a day after the company entered administration. But thousands of employees will be worse off under changes to their pension plans. Johnston Press (JPR), which was founded in 1767 and owns more than 200 titles in print and online, was crippled by debts of more than £220m – blaming its financial woes on the threat to digital advertising from tech giants such as Google and Facebook. Under the deal, the company’s shares will be delisted and ownership passed to a consortium of four lenders – CarVal, Fidelity, Benefit Street Partners and Goldentree Asset Management– who will reduce its debts to £85m and inject £35m.
Bug grub: Sainsbury (J) (SBRY) to stock edible insects on shelves in a UK first. Supermarket will start selling roasted crickets in 250 of its stores from Monday. Barbecued bugs are are going on the shelves of British supermarkets as Sainsbury’s becomes the first big UK grocer to stock edible insects. The retailer will start selling roasted crickets – described as “crunchy in texture with a rich smoky flavour” – in 250 of its stores from Monday, capitalising on the growing prominence of bush tucker in the global warming debate. The damaging environmental impact of global meat production has spurred interest in bugs – which can be bred in significant numbers without taking up large amounts of land, water or feed – as an alternative, sustainable food source. The packaging for the crunchy crickets, made by London-based Eat Grub, deploys the environmental argument in a bid to win over shoppers who might balk at bugs for lunch. The new product is trumpeted by its manufacturer as “more sustainable than pork scratchings … and more exciting than a crisp”.
